Aims:
This course builds on the theory of perfect competition introduced in Economics 1-3. Different market structures like monopoly, oligopoly and monopolistic competition are examined as well as the reasons for market failure including externalities and imperfect information.

Assessable learning outcomes:
At the end of this course students will:
• Understand the theory of Monopolistic and Oligopolistic firms.
• Be able to explain how different pricing strategies arise in imperfect competition and understand the effects of these on welfare.
• Be able to use game theory to understand how imperfectly competitive firms interact strategically.
• Understand the theory of general equilibrium.
• Be able to explain how markets fail.
• Understand how governments can intervene to correct market failure.

Other information on summative assessment:
Summative assessment will be by two tests (50% each) consisting of multiple choice and short answer questions which are answered midway through, and at the end, of the course.

Formative assessment methods:
Practice tests will be provided for every topic in the course. The tests will be administered through Blackboard.

Penalties for late submission:The Module Convenor will apply the following penalties for work submitted late, in accordance with the University policy.

where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;

where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.